Approval of Rental Incentive Bond Program Awards

Staff requests the Housing Commission's recommendation of approval for two Rental Incentive Bond Program Awards totaling $1,670,000 resulting in a total of 62 affordable rental units, as recommended by the Ranking Committee.
 

The Rental Incentive Bond Program (RIBP) was approved by City Council in November 2023. Two Notices of Funding Availability (NOFAs) have been conducted – the first in February 2024 and second in February 2025. As a result of the latest NOFA, three affordable rental project applications were determined eligible for funding and were scored by a Ranking Committee. Staff is requesting the Housing Commission's recommendation to approve two funding awards, per the Committee’s recommendation.

The project details and recommended award amounts are as follows:

1. Elkwood Apartments
   • Developer: Wexford Developments
   • 224 units total: 202 market rate / 22 affordable (serving households up to 70% AMI)
   • Award Amount: $528,000
2. Lake Mary Housing
   • Developer: Atlantic Development & Investments, Inc.
   • 202 units total: 162 market rate / 40 affordable (serving households up to 80% AMI)
   • Award Amount: $1,142,000

If approved by City Council, funding will be provided as two separate loans. Loan documents will be drafted and brought forward as consent items at a future City Council meeting.